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Strategies & Market Trends : Speculating in Takeover Targets
CTG 7.9900.0%Oct 21 12:00 AM EDT

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To: richardred who wrote (4610)9/8/2021 12:32:55 PM
From: richardred   of 6086
 
Perrigo to Acquire Leading Consumer Self-Care Company, HRA Pharma

- Transaction would complete Perrigo's three-year transformation plan to become a global leader in consumer self-care; positions Perrigo to deliver top-tier net sales growth and double-digit EPS growth, with significant margin expansion.
- Would add HRA's focused portfolio of market leading, high growth OTC self-care brands in blister care, women's health and scar care to Perrigo's expert direct go-to-market platform.
- Acquisition of HRA for €1.8 billion, or approximately $2.1 billion(1), in cash would represent an enterprise value to expected 2022 adjusted EBITDA multiple of 18x. Adding anticipated synergies expected by 2023 on a pro forma basis, purchase price would represent an adjusted EBITDA multiple of less than 14x.
- Would significantly strengthen Perrigo's global footprint by adding scale in key European markets.
- Overlap with existing geographies expected to provide significant and actionable operational synergies.
- Transaction is anticipated to accelerate results for both Consumer Self-Care segments and be immediately accretive to Perrigo, adding approximately €400 million in net sales and approximately $1.00 in adjusted EPS in FY 2023.
- HRA's seasoned leadership team will remain in place to minimize any business disruption from integration.
- Conference call and webcast scheduled for today, September 8, 2021, at 8:30 A.M. EDT to discuss transaction.
(1) Assumes euro/dollar exchange rate of €1.00/$1.19 as of September 7, 2021.

investor.perrigo.com
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